There can’t be many things more frustrating for a business than seeing a genuine transaction declined. Yet for too many that’s exactly what’s happening, and payment acceptance optimisation are taking a hit.
Of course, when a transaction is declined the card issuer is trying to act in everyone’s best interest. It could be attempting to reduce fraud, or to minimise losses that arise when cardholders temporarily lack funds.
But declining genuine transactions hurts a business, as sales go begging and customers go elsewhere. Reducing this even slightly could mean a significant boost to the coffers.
The tricky part of solving the payment acceptance optimisation riddle is that each business is unique. There just isn’t a one-size-fits-all solution. But there are steps you can take to tip the odds in your favour.
Tip 1 – bump up your security
One of the most important is to leave the security features in your online payment solutions switched on.
" 3D Secure is an additional security layer for authenticating cardholders online,” says John. “Switching it off, or failing to collect the CVV2 number from the back of the card, can reduce confidence in the authenticity of a transaction in the eyes of issuers.”
And if you’re trading internationally it’s even more important. That’s because an issuer’s decision can be influenced by a number of factors, including where a card is issued and where a merchant is based.
The more verification details you have, the better chance you have of success. 3D Secure does have its challenges though, one of which is that it’s often impractical on mobile devices.
“We are looking forward to seeing how solutions will evolve to meet this need,” says John.
Tip 2 – talk to Barclaycard
The other really important thing you can do to help push payment acceptance optimisation up is to talk to Barclaycard.
“It’s something that we encourage, says John. “Our business is already working with a number of major retailers on driving improvements for them, and we would like to do the same for as many businesses as we can.”
The fact that Barclaycard is both an issuer and an acquirer – in other words, a company that provides cards and one that processes card transactions – gives it an advantage, says John. It means it has an inside track on what works and what doesn’t.
Tip 3 – use everything at your disposal
Barclaycard also offers an Enhanced Decline Code service, which can help increase payment acceptance optimisation. That’s because it provides merchants with detail as to why transactions have been declined, helping them to spot any action they could take.
Reporting tools are also being developed to provide customers with regular snapshots of their payment acceptance optimisation. And Barclaycard is investigating options that would allow it to analyse and reprocess transactions that it believes are genuine.
“All advice and guidance we give is based on the customer’s business needs,” says John. “The message is that if you share your experiences with us, we can share our knowledge of the industry with you. We want to help and we can help.”
Speak to us today to find out how we can help your business – 0800 0466814 *
Please note that the views expressed in this article are personal opinions. Barclaycard cannot accept any responsibility or liability for reliance by any person on this article or any of the information set out in it.
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